- Jeffrey Katzenberg and Meg Whitman’s billion-dollar-backed mobile video startup launched its much-hyped streaming app on April 6.
- Now, the company has to convince millennials to buy into its pitch of “bite-sized” TV shows for smartphones.
- The mobile-video app, which costs $5 and $8 a month for ad and ad-free subscriptions, had a modest entry into the streaming wars, getting 1.7 million app downloads in its first week before plunging in the rankings of top iPhone apps.
- The company built its leadership team from notable Hollywood and Silicon Valley alum, but also had a few high-profile departures ahead of launch.
- Its key executives include Hulu, Snap, and Netflix alum, as well as a former top former talent agent and ad veterans.
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Roughly 20 months after Jeffrey Katzenberg and Meg Whitman revealed their billion-dollar-backed pitch to put a new spin on mobile video, Quibi is here.
The platform went live in April with a $5-per-month subscription with ads and an $8 ad-free plan. A 90-day free-trial offer helped Quibi make a modest debut.
Quibi raised funding from top Hollywood studios and got advertising commitments from blue-chip brands like Google and Procter & Gamble head of launch.
Now, it has to convince 25- to 35- year-olds to pay for minutes-long TV episodes on smartphones instead of scrolling through Instagram or watching YouTube.
Called Quibi for “quick bites,” each episode on the platform is 10 minutes or less. Smartphone users can watch in portrait and landscape mode by rotating the device.
The content is aimed at millennials, with stars known to the generation like Chrissy Teigen, Sophie Turner, and Idris Elba; reboots from their childhood like “Legends of the Hidden Temple,” “Singled Out,” and “Punk’d;” and projects from big-name filmmakers like Steven Spielberg and Guillermo del Toro.
The company is now racing to develop the option to cast video to TV, in hopes of attracting people who are staying at home during the current global crisis.
The launch has hit some speed bumps. Quibi went from the fourth-most downloaded iPhone app in the US the week of April 6 to the 71st most popular on April 16, according to analytics firm App Annie.
The app got 1.7 million downloads in its first week — in sharp contrast with Disney Plus, which brought in 10 million subscribers and 3.2 million app downloads per day when it came out in November. Of course, Quibi lacked the benefit of Disney’s legacy brand.
Quibi hired from Silicon Valley and Hollywood to build the service, and their decisions will shape how the platform adapts to this moment.
It’s also had high-profile departures, including Tim Connolly, who oversaw partnerships and advertising, and former content execs Diane Nelson and Janice Min.
Katzenberg and Whitman’s executive bench now includes members of Hulu’s founding team, Snap and Netflix alum, a top former talent agent, and seasoned ad execs.
These are the top execs to know at Quibi.
